Directors' statement of compliance with duty to promote the success of the Group

Section 172 of the Companies Act 2006 requires the directors of the Group to act in the way that they consider, in good faith, would most likely promote the success of the Group for the benefit of its owners and stakeholders.

In doing so section 172 requires a director to have regard (amongst other matters) to:

  1. The likely consequences of any decisions in the long-term
  2. The interests of the company's employees
  3. The need to foster the company's business relationships with suppliers, customers and others
  4. The impact of the company's operations on the community and the environment
  5. The desirability of the company maintaining a reputation for high standards of business conduct
  6. The need to act fairly as between members of the Group

As any other large organisation, the directors of Holiday Extras Investments Ltd delegate authority for the day to day management of the Group to the Senior Leadership Team and then engage management in setting, approving and overseeing execution of the business strategy and related policies. Board meetings are held periodically where the directors consider the Group's activities and make decisions. As a part of those meetings the directors receive information in a range of different formats to ensure that they have regard to section 172 matters when making relevant decisions.

The executive directors are also supported by a group of senior non-executive directors with expertise in Finance, Commercial, Marketing, Strategy, IT and Technology giving a wide range of insight experience.

The Group's key stakeholders are its workforce, shareholders, customers, suppliers, bankers, the local communities in which it operates, regulators, and Government agencies. The views of and the impact of the Group's activities on those stakeholders are an important consideration for the directors when making relevant decisions.

The directors have set out below some examples of how Holiday Extras Investments Ltd have had regard to the matters set out in section 172(1)(a)-(f) when discharging our section 172 duty.

Response to COVID-19

With significant uncertainty created by the COVID-19 pandemic, the directors oversaw the Group's response with the aim of ensuring the Group emerged from the crisis well positioned for continued success, whilst supporting our employees and continuing to deliver for our customers. Actions were taken to preserve cash including the use of the furlough scheme, reduction in fixed costs and deferred VAT payments. Due to the high level of cancelled bookings, customers were offered either a voucher, with a three year expiry, or a cash refund. The Group has remained in close contact with its bank, Natwest, who provided additional funding up to 2023. Due to our flexi-working policy, employees were already well equipped to work from home and communication was prioritised with regular written updates, videos and drop-in sessions keeping the team engaged and supported.

Acquisition of CHR

In October 2019 the Group completed the acquisition of City Hotel Reservations Ltd, (CHR). The directors concluded that this acquisition would further strengthen its parking and hotel online inventory and compliment its strategic objectives.